Social Engineering Fraud is Real!

By Travis Holt

Safety First!!!

In an article on law.com today they revealed that Dentons, a large global law firm, suffered a $2.5mm social engineering fraud incident. A lawyer in their Canadian office was tricked into wiring $2,500,000 in client funds to a foreign bank account controlled by the fraudsters. It appears that the hackers were aware of a real estate deal the firm was working on which led to the fraudulent transfer.

Wire transfer fraud is only one type of social engineering fraud that companies are dealing with today. Social engineering fraud is the most frequent cyber liability insurance claim we’re seeing and also something that is excluded from many cyber coverage forms available for purchase.

Make sure you’re taking preventative steps to protect your company from this type of cyber attack and know how your insurance policy would respond to this type of claim.